# South African rand falls on panel findings against president - CNBC Africa

> The South African rand fell about 3% to 17.71 per dollar, its worst day since May, after a panel found preliminary evidence that President Cyril Ramaphosa may have violated his oath of office. Ramaphosa denied wrongdoing and has not been charged. The 10-year local bond yield rose 62.5 basis points to 10.91%, its biggest move since the March 2020 COVID-19 rout.

- Date: 2022-12-01 · published 2022-12-01T12:00:00.000Z
- Category: macro · region South Africa · magnitude medium
- Page: https://feedsoft.ai/events/38514-south-african-rand-falls-on-panel-findings-against-president-cnbc-africa
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Political risk is pushing investors out of South African assets, making the rand weaker and raising import costs for feed ingredients priced in dollars. The sell-off is tied to a political event, so the currency could stay volatile until the outcome is clear.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2022/south-african-rand-falls-on-panel-findings-against-president/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.